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WorksheetsTax - E Hand Book
Total questions: 10
Worksheet time: 8mins
Identify the eligible relation for Tax Deduction under 80C
Spouse
Children
Father for Married Daughter
All the relation
Identify Correct Statement
Grandfather can pay premium for Grandson and get tax benefit U/S 80C
Uncle can pay premium for Niece or Nephew and get tax benefit U/S 80C
Premium paid by any other blood relative and claim tax benefit U/S 80C
No One
Maximum Limit for Tax Deduction u/s 80C & 80D
{for Self and Spouse (both less than 60
years) and dependent children}
150000 & 25000
250000 & 100000
50000 & 35000
500000 & 75000
Findout Correct Statement
TDS gets deducted if annual premium exceeds 20% of death sum assured during the policy term
TDS gets deducted if annual premium exceeds 15% of death sum assured during the policy term
TDS gets deducted if annual premium exceeds 10% of death sum assured during the policy term
According to Sec 10/10(D) " NO TDS Applicable"
Findout Correct Statement
In the case where TDS applicable At the time of maturity
:
TDS deducted 5% on total maturity amount
TDS deducted @5% on : {Total maturity amount - Premium paid}
TDS@5%* will be deducted from income portion comprised in the policy payout
TDS applies according to individual's Tax liability
Tax Deducted at 20% if ________________
PAN not proviede by policy holder
it is case of Business Insurance
it is Single Premium policy
Income Proof is not provided at inception of policy
When are the policy proceeds exempted U/S 10 (10D) of income tax act 1961 ?
Policy is a retail insurance policy and not a business insurance policy
Policy is a life insurance policy (term/savings/unit linked plan)
Death Sum Assured is 10 times or more of the Annual Premium through out the policy term
All these cases
What happen if annual premium exceeds 10% of the Death Sum Assured : Find Correct Statement
Deduction u/s 80C for annual premiums paid will be available up to 10% of death sum assured
Section 10(10D) exemption will not be available and hence income portion under the policy becomes taxable
TDS@5%* will be deducted from income portion comprised in the policy payout
All are Correct
Can TDC credited be claimed by the ploicy holder ?
Credit for TDS can be claimed based on the TDS certicate while fling income taxturn
No - Poliocy Holder cannot claim TDS
Death policy proceeds always exempt irrespective of whether or not annual premium exceeds 10% of the death sum assured (Individial Policy Holder)
TRUE
FALSE
